What is Net Platinum?
Net First Platinum is an online store card that does not perform any credit checks and hence you are guaranteed to be approved. This card is ideal for those of you who have been denied both unsecured and secured credit cards and cannot afford another hard pull. It reports to one credit bureau and buys you sometime for your next app. What is more interesting about this card is that there is no annual fee and if you carry a balance, the APR is 0%%. You will also be given an unsecured credit limit of $750 to start and will be evaluated for a credit line increase after 3 months.
Their online store is called www.myhorizonoutlet.com, which sells a variety of products in categories like Men/s Women’s and Kids’ clothing, Home Products etc.
Net First Platinum Card
The Net First Platinum is not a standard credit card, but a line of credit you can use only for the Horizon Outlet website. It comes with a relatively high annual fee that you pay monthly of $14.95 or $179.40 in total annually.
You can apply for this line of credit with any credit score or with no credit history and Net First Platinum won’t make a hard pull on your credit. Also, your activity will likely be reported to one credit bureau, but Net First doesn’t say which one.
This makes the line of credit a decent option if you spend a lot of money at the Horizon Outlet Store and you can’t get a better card.
|Product Name||Net First Platinum|
|Card type||Store card|
|Annual fee||Up to $299.40|
|Balance transfer APR||N/A|
|Late payment fee||$20|
|Returned payment fee||$25|
|Additional cardholder fee||$0|
Application Requirements :
|Recommended minimum credit score||300|
|Minimum age||18 years of age|
Pros vs. Cons of the NetFirst Platinum Card
Like all cards, the NetFirst Platinum credit card has its pros and cons. Here’s a rundown of the benefits and potential drawbacks.
If you’re interested in the NetFirst Platinum card, here are four positive features to keep in mind.
1. Easy to Get Approved
The NetFirst Platinum credit card is marketed specifically toward people with bad credit, which means just about anyone can get approved. Horizon Card Services doesn’t verify your employment or pull your credit report, so you don’t have to worry about a hard inquiry lowering your credit score.
Once you’re approved, you’ll receive a $500 credit limit. However, you can only use this credit toward purchases made from the Horizon Outlet Store, which features a limited selection of various household goods, clothing, toys, and other items.
2. Reports to Credit Bureaus
According to the terms and conditions posted on the Horizon Card Services site, Horizon reports users’ payment history to at least one credit bureau. However, Horizon doesn’t disclose which bureau it reports to, nor does it promise to report to all three.
It’s also important to note that Horizon explicitly states that it “does not guarantee aid in building or re-building credit, or to the posting of any positive references to any credit report.”
3. Member Benefits
The NetFirst card also comes with an optional “monthly membership” plan that gives users access to privacy protection, prescription discounts, legal assistance benefits, and roadside assistance. However, the plan costs $24.95 per month.
Additionally, Horizon Card Services says members “are automatically enrolled” in the membership plan when they open an account, so it’s important to be vigilant about canceling those benefits if you don’t want to pay a monthly fee.
4. No APR
The NetFirst Platinum credit card has no annual percentage rate (APR) on purchases. However, there is a $6 monthly maintenance fee unless you enroll in the monthly membership plan (which also comes with a $24.95 per month fee).
Unfortunately, the NetFirst Platinum credit card has its share of drawbacks. Here are four to consider before signing up.
1. Limited Options
As many online reviews point out, the NetFirst Platinum card is a line of credit rather than a traditional credit card. Cardholders can only make purchases at the Horizon Outlet Store.
2. High Membership Fees
While the NetFirst Platinum card has a 0% APR, it does come with other fees. Most notably, Horizon automatically enrolls everyone in its $24.95 per month membership plan, which totals almost $300 per year.
If you opt out of the monthly membership plan, you lose access to its benefits. Once your membership ends, you must pay a $6 per month maintenance charge.
Additional fees include shipping and handling on all purchases made in the Horizon Outlet Store, $20 late payment fees, a $5 fee when your card is issued, and a $25 fee for insufficient funds or returned checks.
3. Limited Reporting to Credit Bureaus
Horizon Card Services says it reports cardholders’ payment activity to at least one credit bureau, but it fails to disclose which one.
If you’re looking for a credit card that helps you build credit, it’s probably best to stick with one that reports to all three major credit bureaus: Experian, Equifax, and TransUnion.
4. Automatic Enrollment in Monthly Membership Plan
Several online reviews give the NetFirst card and Horizon Card Services low marks for their practice of automatically enrolling applicants in a membership plan that costs $24.95 per month. Many reviewers state that they weren’t aware they were being added to the plan when they signed up for the card.
It’s also difficult to get information about what benefits members receive for their $24.95 per month fee. The Horizon Card Services terms and conditions directs users to a member benefits site that requires a login and password.
Horizon Card Services mentions that the monthly membership plan includes privacy protection, prescription discounts, legal assistance benefits, and roadside assistance. However, it contains very limited information about where users can claim these benefits.
- Privacy Protection – The Horizon Card Services site refers to this as “unlimited internet access.” It also says that members can view their credit report once their account is activated.
- Prescription Discounts – Members receive “up to 40%” off on covered prescriptions, but only at participating pharmacies.
- Legal Assistance Benefits – Excluding criminal law cases, members get one free 30-minute call with a “legal professional.”
- Roadside Assistance – Members receive a maximum of three calls or towing requests not to exceed 15 miles or $50. This benefit is limited to one call every 30 days. The roadside assistance benefit can’t be used for motor vehicle accidents. Additionally, if members use their benefit for fuel delivery, they’re limited to two gallons of gas and must cover the cost of the fuel.
Net First Platinum Card Membership Plan Benefits
After you get approved for the Net First Platinum, you will be automatically enrolled in their monthly membership plan. You have to pay $24.95 a month and you will get benefits like
- Free roadside assistance – You will get Roadside Assistance with the following benefits and terms. You are allowed up to 3 service calls or towing requests up to 15 miles not to exceed the operator cost of $50.00. In addition there is a limit to 1 service call per month.
- My Universal RX – With this plan, you can receive up to 40% discount on prescription drugs.
- My Legal Assistance – You will get a Free 30 minute consultation with legal professional in your area (it does not include criminal defense).
- My Privacy Protection – You can get a free credit report with this program (and you can access it any time).
Net First Platinum Card Starter Membership Plan
As I mentioned earlier, when you get approved for the card, you will be automatically enrolled in the regular Membership Plan (whose benefits I just described above). However, there is another “cheaper” Starter Membership Plan which is only $6 a month. The plan is nearly identical to the regular membership plan except that it does not have the Roadside Assistance as a benefit. But you get the rest (Universal RX, Legal Assistance etc).
You can call Net First Platinum to ask them to downgrade to the starter plan. In fact, under their terms and conditions, if you miss three payments for the regular plan, you will be automatically downgraded to the starter plan. I am not asking you to miss payments since this may impact your credit score. But you can call them up and asked to be downgraded to the cheaper plan.
How to Apply for a Net First Platinum Credit Card
Applying for the NetFirst Platinum credit card is a straightforward process. Applicants must be U.S. citizens who are at least 18 years old.
Step 1: Go to the application page. This requires you to provide your email address and zip code.
Step 2: Fill out the application
Step 3: Submit your application and activate your card
Because application approval is automatic, applicants don’t have to wait to find out if they’re approved. However, it can take anywhere between five days and two weeks from account activation to receive your physical card in the mail.
How To Pay For Your Purchases using Net First Platinum Card
When you make use of the Net First Platinum at www.thehorizonoutlet.com, you can choose to pay in full or over time. However, you have to pay the shipping and processing fee in full. A $3.50 charge will be added for shipment signature verification. You have to pay the $3.50 fee with a debit card before they will ship the product to you.
The minimum payment you have to make is the greater of either 10% of the balance when you first made the purchase or $25. The minimum payment does not decrease over time. If your purchase is $25 or less, then you have to pay in full.
You can set up auto-payments with Net First Platinum.
Cards like Net First Platinum
|Card||Monthyly Fees||Annual Fee Fee||Credit Reporting||Credit Lines|
|Net First Platinum||$24.95||$0||1 Credit Bureau||$750|
|Innovation Platinum||$24.95||$0||1 Credit Bureau||$500|
|Merit Platinum||$24.95||$0||1 Credit Bureau||$750|
|Freedom Gold Card||$24.95||$0||1 Credit Bureau||$750|
|Horizon Gold Card||$24.95||$0||1 Credit Bureau||$500|
|Opensky Secured||$0||$35||3 Credit Bureaus||$$200 – $2,500|
|First Progress Secured||$0||$29||3 Credit Bureaus||$200 – $2,000|
Alternatives for Net First Platinum
As mentioned early, if you absolutely cannot afford a hard credit inquiry, you should also consider the following secured credit cards.
Opensky Secured Visa Credit Card – Opensky has a $35 annual fee and a minimum deposit requirement of $200. They report to all three credit bureaus and you can use the card anywhere Visa is accepted.
First Progress Secured Credit Card – First Progress is another secured credit card which does not perform a hard inquiry and you will definitely be approved. The minimum deposit required is $200 (and this becomes your credit limit). It is a Mastercard so it is accepted anywhere Mastercard is approved.
How to cancel net first platinum card
According to Horizon Card Services, there is no fee to cancel your NetFirst Platinum credit card. To cancel, cardholders must call member services at 1-800-251-6144.
NetFirst Platinum Credit Card FAQs
Is there a Net First Platinum cash back or rewards program?
No, Net First Platinum does not offer a rewards program.
What are the relevant APRs for Net First Platinum?
Net First Platinum is a charge card and therefore doesn’t have interest charges. You must pay your balance in full every month.
What are the fees for Net First Platinum?
The following fees apply to Net First Platinum:
|Returned Payment Fee||$25|
|Late Payment Fee||$20|
Does Net First Platinum report your account activity to credit bureaus?
Net First Platinum does not report to any of the major credit bureaus. Creditors are not required to report payment activity to credit bureaus. However, making regular on-time payments to a creditor that reports to one or more credit bureaus may help improve your credit.
Does Net First Platinum Report to Major Credit Bureaus?
Yes, they do report to one major credit bureau.
How often do you report to the credit bureau?
Once every thirty days.
Which credit report does Net First Platinum pull when we apply?
Horizon does not do any credit hard pulls. Every applicant is approved for an unsecured $500 credit line.
When can I get a credit line increase?
You can be eligible for a credit line increase after three months. You should be on time in your monthly membership fee payment.
When will I get my card after I get approved?
Normally within 7 business days.
How do I pay back my balance on the card?
You can pay online at www.thehorizonoutlet.com.
What is the minimum payment?
You either have to pay $25 a month or 10% of the balance.
Can I make payments for my benefits online?
Yes, you can. You have to go to www.memberbenefitaccess.com.
You have to login using your Member ID and Zip Code. and then go to the “account” tab and “make a benefits payment”.
How do I use the Roadside assistance?
Simply call 1-800-251-6144.
How do I use Legal Assistance?
How do I use the Universal RX benefits?
You just have to take your membership card to your local pharmacy. You will receive the lowest price if it is covered under your membership.
With no credit checks and guaranteed approval, the NetFirst Platinum credit card may look like a promising way to boost your credit score.
Because it’s a line of credit and not a real credit card, however, it’s probably worth looking into a card that offers more flexibility and lower fees.